HDFC Bank Personal Loan

7 Min Read
HDFC Bank Personal Loan

HDFC Bank supplies individual loan with marginal documents as well as quick approvals, making it very easy for individuals to conveniently access funds due to a monetary emergency situation. You can make use a finance quantity of approximately Rs. 40 lakh that can be paid off within a period which varies between 12 to 60 months.

Functions of HDFC Bank Personal Loan

  • Funding Quantity: HDFC Financial institution uses an individual financing amount starting from Rs. 50,000 approximately Rs. 40 lakh.
  • Flexible period: The tenure for HDFC Financial institution individual finance arrays from 12 to 60 months and can be chosen by an individual based on his/her settlement capability
  • Marginal Documentation: HDFC Bank’s individual lending application is quick and easy as it requires just minimal documentation
  • Personal Loan Safety and security: One can protect his personal funding from HDFC Financial institution with Sarv Suraksha Pro. The advantages are:
  1. Debt Shield Cover equal to the superior lending amount
  2. Accidental Hospitalization Cover of up to Rs 8 Lakh
  3. Unexpected Death/Permanent Disablement cover of as much as Rs 1 Lakh
  • Personal Lending Balance Transfer: Get low and also revised rate of interest by moving your existing personal car loan to HDFC Bank. With Personal Lending Equilibrium Transfer, one can obtain the adhering to benefits:
  1. Get rate of interest as low as 10.50% on the existing finance amount moved
  2. Make use of Flat handling fee of just Rs. 1999
  • Obtain Guaranteed with HDFC Financial Institution Personal Financing: If you have an individual lending with HDFC Bank, you have the alternative to avail a Personal Accident Cover of as much as Rs. 8 lakh and essential ailment cover up to Rs. 1 lakh for a small premium. The premium of these plans will get deducted from the funding amount at the time of disbursal.

HDFC Personal Loan Interest Rates

The interest rate offered by HDFC Bank on a personal loan starts at 10.50% p.a. However, the interest rate provided to an individual on a personal loan depends on multiple factors including credit score, age, employment, repayment history, current debt, etc.


Eligibility Criteria

  • You need to be a salaried doctor, CA, staff member of private limited companies, employee from public sector tasks consisting of central, state and also local bodies
  • You need to go to the very least 21 years and also your optimum age should be 60 years
  • You must have at least 2 years of minimum job experience and also you ought to be working with your present employer for at the very least a year
  • Your minimum regular monthly revenue needs to be Rs. 20,000 per month if you are staying in Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Pune, Ahmedabad, Kolkata and also Cochin. For locals in other cities, minimal regular monthly income demand is Rs. 15,000.

Documents Required for Loan Application

  • Identity proof: Copy of passport/voter ID card/driving license/Aadhaar
  • Address proof: Duplicate of passport/voter ID card/driving license/Aadhaar
  • Bank declaration of previous 3 months (Passbook of previous 6 months).
  • Two most current income slip/current dated income certificate with the current Form 16.

Personal Loan Verification Process

  • After you have filled out all the essential forms on Bankcircle, your individual finance application is refined by the financial institution.
  • The bank goes through your application form as well as offers you a confirmation call.
  • As soon as the verification is completed, the bank timetables a file pickup from your office or home.
  • Once you have sent all suitable papers, they obtain looked for more confirmation.
  • After confirmation, you get an additional phone call from the financial institution confirming the last loan amount, rate of interest as well as period.
  • As soon as the bank gets the confirmation from your side, the loan amount is paid out within a few functioning days.

HDFC Personal Loan Statement

  • Log in to NetBanking.
  • Pick the Lending Tabs as well as choose ‘Register New Funding’.
  • Enter your details.
  • Click on ‘submit’.
  • You will certainly get an OTP on your registered phone. Enter it to complete enrollment.

HDFC Financial Institution Personal Finance Restructuring (COVID-19).

In order to lower the monetary worry on debtors during the nationwide COVID-19 lockdown, HDFC Bank had actually presented the RBI-mandated moratorium which ended in September. Therefore, from October 2020 onwards, all customers including those with outstanding HDFC individual fundings were expected to return to routine EMI settlements. However, as lots of consumers are still encountering monetary challenge because of the COVID-19 pandemic, HDFC Bank has currently presented the car loan resolution mechanism according to pointers of the RBI.

This alleviation mechanism is expected reduce the burden of funding payment for eligible customers for a duration of as much as 2 years. One must nonetheless remember that restructuring would certainly include settlement of additional passion on the outstanding funding along with adjustment in the condition of finance to “restructured” on the consumer’s debt record which may influence the credit rating. Because of this, you need to only go with finance restructuring as a last hope or else continue making your set up loan EMI settlements if you have the monetary methods to continue doing so.

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An experienced, qualified and result oriented professional with several years experience as a Chartered Accountant. Hemant assignment in various industries have helped him to develop expertise in sales, customer relation management, and Enterprenurship. Hemant has got degree in B. Com ( Hons. ) from Delhi University and is a Chartered Accountant by profession.Specialties: Accountancy, Taxation, Corporate Law, Business Audit, Entrepreneurship.
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